Importing Electric Car from UK

cfingers

Hi,

I currently work as IT contractor and I have set up a LTD company for that.

I'm hoping to use my company to import an electric car from the UK and registering it here.

I've got advice from people on importing a car from the UK before but that has always been as an individual, never importing is as a company.

Has anybody here imported it as a company?

k123456

I dont know the answer , but a NI car dealer used to dealing with people from ROI might...Try Saltmarine Dungannon

Zenith74

Curious how the figures work out for you doing this as a single man company (where all proceeds are coming your direction anyway), if you wouldn’t mind sharing? Guess I’m wondering if there’s much advantage over buying the car personally and paying yourself mileage to use it.

rolion

Not big difference !

Buying:
Find car,fall in love with it,arrange deposit by card.
Collecting:
Fly over,check car "by touch",pay balance.
Here difference is you register the car under compnay name or you as an individual.
Make sure the paper says corect name !

There is zero BIK on EV company cars so you register as an individual and claim mileage or on LTD and put all expenses on the company tax receipts / bank account,not a real issue.
You can some get tax relief for LTD if you purchase an electric vehicle.

Most private versus LTD purcashes and registration are for commercials versus private vehicles from a VAT,BIK and expenses purpose.

I have done both,based on the end desired result.

Highly advisable to check with your accountant.

rolion

Zenith74 wrote: »

Curious how the figures work out for you doing this as a single man company (where all proceeds are coming your direction anyway), if you wouldn’t mind sharing? Guess I’m wondering if there’s much advantage over buying the car personally and paying yourself mileage to use it.

Sole trader - different story,check with an accountant
LTD and working for company: BIK and car expenses and mileage claim.

I think for electrics,you are at a lower range of allowance so unless you do a lot of mileage per day not really a winner ! Which,to be honest, you cant do it due to EV engine range.

There was a topic opened few weeks ago,find it and you get more info.

I dont think it has to to with electric vehicles rather than with personal versus limited taxation.
Check with your accountant.
Remember,you cannot break the law but you can bend it.

cfingers

Zenith74 wrote: »

Curious how the figures work out for you doing this as a single man company (where all proceeds are coming your direction anyway), if you wouldn’t mind sharing? Guess I’m wondering if there’s much advantage over buying the car personally and paying yourself mileage to use it.

My logic is say the car costs €20,000. If my company paid me an extra €20,000 , I would only get an extra €10,000 after tax. So I'm basically getting exclusive use of the car for €10,000.

I have two clients and I cycle to both of them so claiming milage doesn't really come into calculations. I might do 15km a week.

If you were doing high milage it might make sense to buy it yourself. If you were doing 10k a year , you could claim back €4,609. However you would be responsible for insurance , tax and maintinence yourself. In my case the company covers it, so it is esentially half price.

Lumen

Ask your accountant (and post the results here please!). There may be subtleties.

Cycle to work scheme bikes are zero BIK, but my last company got caught out in an audit when it turned out the accountants had offset depreciation against corp tax due to treating the purchase like any other asset, but CTW purchases are different because the company doesn't own the bikes. Now that probably doesn't apply here, but point is tax treatment can be complicated and for a large purchase you could find yourself with large penalties and interest if you get it wrong.

And I would not advise to "bend" the law. Accountants who advise that are risking your neck, not theirs, but TBH I've never had an accountant that advises anything but straightforward and unbendy compliance with the law.

cfingers

Lumen wrote: »

Ask your accountant (and post the results here please!). There may be subtleties.

The problem is my accountant has no experience in VRT. I was really wondering did anyone here have first hand experience of importing car as a company.